Bitcoin Miner Revenue Surpasses Ethereum by More Than $100M; Both Crash to 2022 Lows

2022-7-4 05:31

Bitcoin and Ethereum miners saw a further decline in revenue as bears from May carried on throughout June and led to sinking prices of both cryptocurrencies.

June proved to be the worst month for Ethereum miners in 2022. According to Be[In]Crypto Research, ETH miners were able to generate around $549.58 million in revenue in the sixth month of the year.

Source: Ethereum Miner Revenue Chart by the Block Crypto

Ethereum miners’ revenue for June was down $460.42 million from May 2022’s value of around $1.01 billion. 

The total profitability of Ethereum over the past year was also down by 51% since June 2021, which saw $1.14 billion in revenue recorded.

Bitcoin outpaces Ethereum mining revenue 

Bitcoin surpassed Ethereum mining revenue for the first time since December 2020. In the last month of 2020, Bitcoin miners’ revenue was approximately $692.32 million while Ethereum’s was in the region of $380.88 million.

While Ethereum miners managed $549.58 million in June revenue, Bitcoin miners generated approximately $667.94 million. 

Like Ethereum, Bitcoin’s revenue dipped by 26% from May. May 2022 saw Bitcoin mining bring forth total revenue of $906.19 million. Bitcoin mining also saw a year-over-year monthly decline in June. June 2021 saw around $839.09 million in revenue generated, while 2022’s figure dropped by 20%.

Source: Bitcoin Miners Revenue Chart by YCharts Miners moved away from Ethereum in June 2022 

Despite the overall market capitalization of the crypto finance space shedding more than $1.3 trillion in the first half of the year, Ethereum remains the second-largest cryptocurrency by market value. 

With that said, miners benefited more from Bitcoin than Ethereum to close out the second quarter of 2022. 

Overall, Bitcoin miners’ revenue outpaced Ethereum by $118.36 million.

Aside from June, Ethereum miners had the lion’s share of revenue in the first five months of the year. 

In January, ETH outpaced BTC by $260 million. Due to the geopolitical events that arose from Russia’s invasion of Ukraine, mining revenue dropped but ETH still surpassed BTC by $190 million. ETH miners shared $130 million more in revenue than BTC miners in March. In April and May, miners of the ETH coin earned $230 million and $103 million more than BTC miners respectively. 

What caused the plunge in mining revenue? 

To understand the plunge in mining revenue, we should consider how mining revenue is calculated. 

Miners’ revenue is calculated by multiplying the total number of coins earned by contributing to the validation of transactions by the price of coins (in this case, BTC and ETH) within a given period.

With this in mind, we can conclude that the steep decline in the prices of digital assets can be credited as the cause for the plunge in mining revenues.

Throughout June, Ethereum traded between $896.11 and $1,965. When we compare this to June 2021, Ethereum traded in the price range between $1,707 and $2,891.  

Source: ETH/USD Chart by TradingView

In June, Bitcoin traded in the price range between $17,708 and $31,957. In June 2021 miners made more from revenue while BTC traded between $28,893 and $41,295.

Source: BTC/USD Chart by TradingView

The post Bitcoin Miner Revenue Surpasses Ethereum by More Than $100M; Both Crash to 2022 Lows appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Ethereum (ETH) на Currencies.ru

$ 3328.61 (+1.91%)
Объем 24H $49.023b
Изменеия 24h: 7.94 %, 7d: 6.56 %
Cегодня L: $3039.69 - H: $3364.01
Капитализация $400.856b Rank 2
Цена в час новости $ 1054.29 (215.72%)

both bitcoin ethereum revenue crash 2022 lows

Источник: beincrypto.com

both bitcoin → Результатов: 126


Фото:

Every Pension System Should Have 1.5% Of Total Funds In Bitcoin, Says Morgan Creek’s Pompliano

Bitcoin and the S&P 500 Index have gone through a short-lived correlation after the March crisis that saw both the traditional and crypto markets crash to record low levels. However, the correlation started to pull away once the adoption of crypto assets began to spike as both retail and institutional investors started to move funds […]

2020-8-22 17:03


Фото:

SpaceX and Bitcoin Both Aiming for the Moon in Q1 2020

The first three months of next year could be huge for both SpaceX  — and, by inference, the price of Tesla stock — and Bitcoin. Both of them will be looking skywards in early 2020, with Elon Musk’s company teaming up with NASA for a first manned mission and Bitcoin’s mining reward getting cut in […] The post SpaceX and Bitcoin Both Aiming for the Moon in Q1 2020 appeared first on BeInCrypto.

2019-10-15 18:50


Europol: Bitcoin is the still the dark web’s favorite cryptocurrency

Bitcoin is still very much the dark web‘s favorite cryptocurrency, but those looking to cover their tracks are slowly learning to use privacy-focused alternatives. “While we have previously reported a small shift towards more privacy-focused cryptocurrencies such as Monero, Bitcoin still remains the currency of choice for both legitimate and criminal use,” reports Europol with its latest assessment of internet-based organised crime.

2019-10-14 15:45


Фото:

Sunday Digest: Bitcoin Price Consolidation, And The SEC Spoils The Party

Japan was hit by Typhoon Hagibis this weekend, causing devastation and affecting both the Japanese Grand Prix and Rugby World Cup. So what has been causing devastation and affecting bitcoin and cryptocurrency markets for the past week? Bitcoin Price: Consolidation Station So it seems we are back in a consolidation phase, albeit around the lower underlying price point of $8k.

2019-10-14 19:00


Фото:

How Cryptocurrencies Can Mitigate Some of Brexit’s Negative Effects

Brexit, the European divorce saga that has been going on for years, has created a lot of headaches for politicians and ordinary people on both sides of the Channel. The process of Britain leaving the European Union is now heading towards another one of its deadlines while London and Brussels are trying to separate with […] The post How Cryptocurrencies Can Mitigate Some of Brexit’s Negative Effects appeared first on Bitcoin News.

2019-9-21 02:30


Bitfury Begins Selling BTC Mining Equipment to Small and Medium-sized Enterprises

Bitfury, an important Bitcoin mining manufacturer, has recently opened an online store to sell its products to both small and medium enterprises (SMEs). At the moment, the equipment available on the store includes several of the newest models, including Clarke ASIC chips, BlockBox AC mining machines, and the new B9 Tardis Mining Rig. These mining […]

2019-9-18 19:59


Traders anticipate strong Ethereum recovery after 17% rally in 10 days

The Ethereum price has increased from $165 to $194 within a 10-day span, breaking out with strength in a larger time frame for the first time in a month against both bitcoin and the USD. Traders and technical analysts have started to demonstrate optimism towards the short term trend of the asset as a major […] The post Traders anticipate strong Ethereum recovery after 17% rally in 10 days appeared first on CryptoSlate.

2019-9-16 13:38


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

How one Ethereum miner earned over $500k in block rewards

One Ethereum miner could be the luckiest in the space, as he single-handedly mined an entire ETH block and earned himself a cool reward of 168 ETH worth roughly $500,000. The post How one Ethereum miner earned over $500k in block rewards appeared first on CryptoSlate.